Lee Financial Services pays employees monthly. Payroll information is listed below for January 2016, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.
Salaries $ 500,000
Federal income taxes to be withheld 100,000
Federal unemployment tax rate 0.60 %
State unemployment tax rate (after FUTA deduction) 5.40 %
Social security tax rate 6.20 %
Medicare tax rate 1.45 %
Required:
a. Calculate the income and payroll taxes for the January 2016 pay period.
b. Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2016 pay period.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Lee Financial Services pays employees monthly. Payroll information is listed below for January 2016, the first month of Lee's fiscal year. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Advice for a mcdonalds interview?
Answers (2)
Mary, Nick, and Owen want to form a limited partnership to manage MN&O Services. A limited partnership must have at least: A. one general partner and one limited partner. B. two limited partners. C. none of the above. D.
Answers (1)
Consider a business that can be run using a make-to-stock or make-to-order process. Further suppose that your demand is 10000 per monthand is spread out during the month. Capacity of both processes is 15000per month.
Answers (1)
Name at least one other familiar item besides money that could serve as a model for isotopes
Answers (1)
The substitution by consumers of one good for another because of relative price changes is: A. the CPI and causes the CPI to overestimate the cost-of-living changes. B.
Answers (1)
New Questions in Business
Both Bond Sam and Bond Dave have 6 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has four years to maturity, whereas Bond Dave has 19 years to maturity. a.
Answers (1)
What role have public speeches served in ancient societies?
Answers (2)
What is the total annual value of goods and services produced in a country called? A. Gross Domestic Product B. Gross National Product C. Personal Disposable Income D. Gross National Income
Answers (1)
Marketing ethics refers to the moral or ethical dilemmas that might arise in a business setting, according to various moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons
Answers (1)
n a semantic priming task, A. presenting one word interferes with identifying a related word in a lexical decision task. B. presenting one word makes it easier to identify a related word in a lexical decision task. C.
Answers (1)